Equinix (NASDAQ:EQIX) Price Target Raised to $1,087.00

Equinix (NASDAQ:EQIX) had its price objective raised by Truist Financial from $973.00 to $1,087.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on EQIX. Jefferies Financial Group upped their price target on shares of Equinix from $950.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Thursday, February 12th. Stifel Nicolaus set a $1,075.00 target price on shares of Equinix in a report on Thursday, February 12th. Barclays reiterated a “positive” rating and issued a $870.00 target price on shares of Equinix in a research note on Tuesday, January 13th. Wall Street Zen downgraded shares of Equinix from a “hold” rating to a “sell” rating in a research report on Saturday, January 10th. Finally, Wells Fargo & Company upped their price objective on Equinix from $925.00 to $975.00 and gave the company an “overweight” rating in a research report on Thursday, February 12th. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Equinix currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,001.41.

Equinix Price Performance

EQIX stock opened at $928.11 on Wednesday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a 50 day moving average price of $811.86 and a 200-day moving average price of $794.76. Equinix has a 52-week low of $701.41 and a 52-week high of $992.90. The firm has a market capitalization of $91.19 billion, a price-to-earnings ratio of 67.50, a PEG ratio of 1.82 and a beta of 1.06.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share for the quarter, missing the consensus estimate of $9.07 by ($0.16). The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.46 billion. Equinix had a return on equity of 9.60% and a net margin of 14.65%.The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $7.92 EPS. Equities research analysts forecast that Equinix will post 33.1 EPS for the current fiscal year.

Equinix Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, February 25th will be given a $5.16 dividend. This is a boost from Equinix’s previous quarterly dividend of $4.69. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $20.64 dividend on an annualized basis and a yield of 2.2%. Equinix’s payout ratio is presently 136.44%.

Insider Buying and Selling at Equinix

In other news, insider Kurt Pletcher sold 596 shares of the stock in a transaction on Friday, January 16th. The stock was sold at an average price of $801.78, for a total transaction of $477,860.88. Following the transaction, the insider directly owned 3,195 shares of the company’s stock, valued at $2,561,687.10. This represents a 15.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Brandi Galvin Morandi sold 1,333 shares of Equinix stock in a transaction on Friday, January 16th. The stock was sold at an average price of $804.25, for a total value of $1,072,065.25. Following the completion of the sale, the insider directly owned 9,551 shares of the company’s stock, valued at $7,681,391.75. The trade was a 12.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 14,353 shares of company stock worth $11,283,043. 0.27% of the stock is owned by corporate insiders.

Institutional Trading of Equinix

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wick Capital Partners LLC purchased a new position in shares of Equinix during the 4th quarter valued at about $310,000. Invesco Ltd. increased its holdings in Equinix by 12.6% in the 4th quarter. Invesco Ltd. now owns 785,217 shares of the financial services provider’s stock worth $601,602,000 after acquiring an additional 87,734 shares in the last quarter. Harbour Wealth Management Group Inc. bought a new stake in Equinix during the 4th quarter worth approximately $327,000. Corient Private Wealth LLC lifted its holdings in Equinix by 235.2% during the fourth quarter. Corient Private Wealth LLC now owns 24,194 shares of the financial services provider’s stock valued at $18,536,000 after purchasing an additional 16,976 shares in the last quarter. Finally, Alberta Investment Management Corp purchased a new position in Equinix during the fourth quarter valued at approximately $4,367,000. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Equinix Company Profile

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.